Misguide me at the time of personal loan disbursment.?

Question

Sir, I had applied personal loan request in bank for amount of Rs 250000/- (tenure 60 months), the representative of convey me the intrest rate apply for said loan is 15% and 0% processing fees for employee, but finaly I got only Rs 242875/- credited in my account and the bank show the disburse amount is Rs 250000/- and tenur 48 months with 17.5% intrest rate which is totly wrong. The above whole thing disappoint me too much and this type of misguidence, I realy not accepted. Sir, Kindly resolve my complaints and take necessory action to correct my personal loan request kit data as urgent as possible.

 

Answer 1

Dear Kanas,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

As regards your complaint, I would like to state that the terms of the loan would be exactly as has been conveyed to you by the bank in writing. Verbal assurances with regard to interest rate and other aspects will not stand scrutiny unless you can produce supporting evidences documentary and otherwise. 

The loan proceeds credited to your account being less than  the loan amount could be on account of recovery of processing charges etc. But you have the right to know the reasons. You have to put your foot down in this regard. If you are aggrieved and still have not withdrawn the loan proceeds credited to your account, you can negotiate for cancellation of the loan citing valid reasons. If the bank does not oblige, and if you are in a position to substantiate your claim of being taken for a ride, you can  approach the Banking Ombudsman for resolution of your grievance.

For address of the Office of the Banking Ombudsman, Area of Operation of the BO (jurisdiction) and the procedure for lodging complaint you may visit https://bankingombudsman.rbi.org.in

Regards

 

J R Mohandas